Importance of Entrepreneurship: How Businesses Help the Economy
Business Studies JSS 1 – Second Term Lesson Plan
Week 4: Importance of Entrepreneurship
Lesson Plan Presentation
Subject: Business Studies
Class: JSS 1
Term: Second Term
Week: 4
Age: 10–12 years
Topic: Importance of Entrepreneurship
Sub-topic: Benefits and Contributions of Entrepreneurship
Duration: 40 minutes
Behavioural Objectives
By the end of the lesson, students should be able to:
- Explain why entrepreneurship is important.
- Identify the benefits of entrepreneurship to individuals and society.
- Describe how entrepreneurs contribute to economic growth.
- List different ways entrepreneurs help in job creation.
- Give examples of how entrepreneurship leads to development.
Keywords
- Entrepreneurship
- Economic growth
- Job creation
- Standard of living
- Managerial skills
- Innovation
- Business development
Set Induction
The teacher asks students:
- Have you ever bought something from a local shop or business?
- Who do you think started that business?
- What benefits do you think the business brings to the community?
After students respond, the teacher explains that such businesses exist because of entrepreneurship, which helps communities and the economy.
Entry Behaviour
Students have learned about what entrepreneurship is and different types of entrepreneurs.
Learning Resources and Materials
- Charts showing benefits of entrepreneurship
- Pictures of successful entrepreneurs
- Videos of small businesses in Nigeria
Building Background/Connection to Prior Knowledge
Students have learned about who an entrepreneur is and how businesses are started. Now, they will learn why entrepreneurship is important for economic development.
Embedded Core Skills
- Critical Thinking
- Problem-Solving
- Creativity
- Communication
Reference Books
- Lagos State Scheme of Work
- Business Studies for JSS 1 by A. O. Yusuf
- Essential Business Studies for Junior Secondary Schools
Instructional Materials
- Whiteboard and markers
- Posters listing entrepreneurship benefits
- Case study of a Nigerian entrepreneur
Lesson Content
Definition of Entrepreneurship
Entrepreneurship is the process of starting and managing a business to provide goods or services while taking financial risks.
Why is Entrepreneurship Important?
- Job Creation – Entrepreneurs provide jobs for themselves and others.
- Economic Growth – Businesses contribute to the country’s economy by producing goods and services.
- Improved Standard of Living – People earn income, buy better things, and have a better life.
- Encourages Innovation – Entrepreneurs develop new ideas, products, and services.
- Self-Reliance – People can start businesses instead of depending on government jobs.
- Utilization of Local Resources – Entrepreneurs use raw materials and skills available in their environment.
- Income Generation – Entrepreneurs make profits that help them and their families.
- Development of New Markets – More businesses mean more products and services are available.
- Improves Managerial Skills – Business owners learn how to manage people and resources.
- Contributes to National Development – More businesses mean more taxes for the government to develop the country.
Examples of Entrepreneurship Contributions
- A tailor creating jobs by hiring assistants.
- A food vendor increasing income for farmers by buying local produce.
- A transport business improving movement in a community.
- A phone repair shop providing a needed service.
- A bakery producing bread for sale.
- A fashion designer creating new clothing styles.
- A furniture maker using local wood for production.
- A software developer making apps for businesses.
- A car wash business providing employment.
- A printing press producing books and materials.
Evaluation
Fill-in-the-Blank Questions
-
One benefit of entrepreneurship is ________.
a) Job creation
b) Wasting resources
c) Unemployment
d) Laziness -
Entrepreneurs help develop ________ by creating businesses.
a) Schools
b) The economy
c) Families
d) Friends -
A good entrepreneur must be able to ________.
a) Waste money
b) Take risks
c) Sleep all day
d) Ignore customers -
One example of entrepreneurship is ________.
a) A government worker
b) A fashion designer creating clothes
c) A football player
d) A school principal -
Entrepreneurs use ________ to produce goods and services.
a) Foreign resources
b) Local resources
c) Government offices
d) Parks -
The money an entrepreneur earns is called ________.
a) Salary
b) Profit
c) Loan
d) Debt -
One way entrepreneurship improves lives is by ________.
a) Making products available
b) Increasing joblessness
c) Reducing business growth
d) Wasting time -
A key characteristic of an entrepreneur is ________.
a) Creativity
b) Laziness
c) Dishonesty
d) Fear of risk -
________ is an example of a product from entrepreneurship.
a) A bus ticket
b) A house built by a company
c) A government tax
d) A national law -
Entrepreneurs contribute to the country by paying ________.
a) School fees
b) Salaries
c) Taxes
d) Fines
Class Activity Discussion (FAQs with Answers)
-
What is entrepreneurship?
- It is the process of starting and managing a business.
-
Why is entrepreneurship important?
- It helps create jobs and grow the economy.
-
How do entrepreneurs help the community?
- They provide goods, services, and employment.
-
What is the most important benefit of entrepreneurship?
- Job creation.
-
How does entrepreneurship reduce unemployment?
- It allows people to start their own businesses and hire others.
-
How do businesses improve the standard of living?
- People earn more money and can afford better products.
-
What is an example of an entrepreneur in Nigeria?
- Aliko Dangote, who produces cement, sugar, and salt.
-
How does entrepreneurship lead to innovation?
- Entrepreneurs create new products and ideas.
-
How do entrepreneurs use local resources?
- They use available materials like wood, fabric, or agricultural products.
-
Why should people become entrepreneurs?
- To be independent and improve their financial situation.
Presentation
- The teacher revises the previous topic (Entrepreneurship).
- The teacher introduces the new topic by discussing the importance of businesses in society.
- The teacher allows students to contribute and corrects them where necessary.
Teacher’s Activities
- Explain why entrepreneurship is important.
- Show pictures and examples of entrepreneurs.
- Guide students in identifying local businesses.
Learners’ Activities
- Listen and take notes.
- Identify businesses in their communities.
- Discuss how entrepreneurship benefits people.
Evaluation Questions
- What is entrepreneurship?
- Name two benefits of entrepreneurship.
- How does entrepreneurship create jobs?
- Give one example of an entrepreneur.
- How does entrepreneurship help the economy?
Conclusion
The teacher marks students’ work and provides feedback.
Understanding Entrepreneurship: Meaning, Benefits, and Types